Question: 1. Consider the data in Exhibit 12.3. a. List the recessions since 1929 by duration, with the longest recession first and the shortest last (excluding

1. Consider the data in Exhibit 12.3.

a. List the recessions since 1929 by duration, with the longest recession first and the shortest last (excluding the 2020 recession).

b. List the recessions since 1929 according to decline in real GDP from peak to trough, with the greatest decline first and the smallest decline last. Note which recessions are first and second on your list from part

(a) and first and third on your list from part (b). Can you think of a reason why the fall in real GDP at the end of World War II (1945; second recession on your list from part (b)) was so deep even though that recession was very short?

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